AN ACT TO AUTHORIZE THE MAYOR AND COUNCIL OF WILMINGTON TO ISSUE NEGOTIABLE NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS PREVIOUSLY AUTHORIZED FOR LAWFUL PURPOSES.
Be it enacted by the General Assembly of the State of Delaware (two-thirds of all Members of each Branch thereof concurring therein):
Section 1. Whenever the Council of the Mayor and Council of Wilmington shall have authorized the issuance of bonds by an Ordinance duly adopted pursuant to lawful authority, the Council may borrow money in anticipation of the issuance of such bonds so authorized and, for such purpose, may issue, and from time to time, renew negotiable bond anticipation notes of the Mayor and Council of Wilmington, of an aggregate principal amount not exceeding the principal amount of such bonds authorized by such Ordinance. The Council shall authorize such notes by a Resolution or Resolutions which shall determine the date on which such notes are to be payable, the maximum principal amount thereof and the rate of maximum rate of interest to be borne thereby and the manner of their signing. The Council in such Resolution may delegate to the City Treasurer authority to sell the notes thereby authorized, either at public or private sale, and to determine within the limitations prescribed by such Resolution the rate of interest to be borne by such notes and the principal amount thereof. The faith and credit of the Mayor and Council of Wilmington are hereby pledged to the payment of the principal of and interest on any notes issued pursuant to this Act.
Section 2. Moneys raised by the issuance of notes in anticipation of the issuance of bonds shall be used only to finance the purpose or purposes for which the proceeds of the bonds may be used and such proceeds shall be applied, to the extent necessary, to pay and retire such notes.
Approved January 31, 1958.